Same Day Payday Loans

Same day payday loans are a relatively recent addition to the way in which you can raise money quickly and easily. As their title suggests they are one of the fastest methods of getting cash into your bank account rapidly, as the amount of information you need to provide is minimal. Normally once you have completed the online application you can be paid the same day, if the application is made before 12 noon. Payday loans have attracted a certain amount of negative publicity, but many negative experiences were caused by ignorance of those who used their services, rather than misleading information.

Applying for a payday loan
When you decide you wish to take out a payday loan, the process is quite straightforward. You will need to provide your name, an email address, ZIP code and your date of birth. Then you will be asked for the name of your employer, how much you earn and which department you work in. You will need to enter the payment interval for your wages, monthly, or weekly. You will also be asked to indicate whether you are paid before or after the weekend if your normal payday falls on a Saturday, or Sunday.

Once you have completed your details and submitted the form you will normally receive an auto reply email. Shortly afterwards you should receive a confirmation that your request has been processed successfully and the payday loan company is ready to go ahead. This is your last chance to decline the offer, you should have carefully read all the terms and conditions for the loan at this point. The loan will be wired to the bank deposit account of your choice. The payday loan company does not normally charge you administration fees for the first loan you take out. As the payday loan companies point out, some smaller banks or credit unions may charge you up to $25 in administration fees to accept a wire transfer. Loans will normally be made on the same day if submitted before 12 noon, local time, or the next business day thereafter. Once your given payday arrives, the payday loan company will take back the amount of the loan plus the accrued interest. It is really that straightforward.

Do you really need a payday loan?
This is a good question that you should be asking yourself. If you can delay the payment you need the payday loan for until your next payday then this is preferable and will salve you money. Payday loans should be considered as a last resort facility. It may be required to pay for repairs to a broken down car, to allow you to return to work, or to fix a leaking pipe that threatens to damage your home, or any other good reasons. To buy an expensive present for your partner, or toys to placate the kids are not good reasons for a payday loan. Payday loans finance themselves by charging an Annual Percentage Rate (APR) of interest on top of the loan. The APR of a payday loan is considerably higher than a bank loan and even credit card APR interest. Payday loan APR interest can be up to as much as 200%. You must remember that a payday loan gives you a debt, and as such interest is correctly charged, the key objective is to get this loan repaid as soon as possible and therefore reduce the interested that will be generated.

What happens if the payday loan is not repaid on time?
Should you fail to manage to repay the payday loan on the agreed date, the loan will continue. Bear in mind that if you borrowed $400 and did not repay the payday loan for a year, your total debt could grow to as much as $1,200. It could be argued that the payday loan companies are perfectly happy for you to default on your agreed payment date, they are earning excellent interest and so they are not so worried. Another error some users of payday loans have made is to make multiple applications for payday loans at the same time. It could be necessary to apply for two loans of $400 from 2 payday loan companies, because you need $800 and each one will only offer a maximum of $400. However, you must be totally sure you can meet the repayment on payday or your debt could spiral out of control.